World
Insights into SPIEF 2024: Shifting Pathways Towards Global South
By Kestér Kenn Klomegâh
Conceptually, the idea of holding every year an international economic forum is unique to explore and navigate available potential opportunities generally for development and specifically for investment and trade. Established several years ago, the St. Petersburg International Economic Forum (SPIEF) has earned its unique achievements through organisational strategy and consistent approach toward this serious gathering.
While analysing several emerging reports, first and foremost it offers us to understand the significance of this platform. It provides a unique opportunity for politicians, investors and corporate business executives as well as the young generation to interact network and ask questions to opinion leaders or trade experts, and to get better acquainted with the changing trends, investment climate adherence to traditional values, and adapting to diversities in business culture on the global landscape.
At the initial formative stages, SPIEF’s focus was largely on the United States and Europe as conceptualized, the nucleus results must harmonise trade and financial flows, and reflect on economic growth. After the Soviets crumbled and what else, the rising frequency of shuttling to the United States and Europe – Russia’s dream of becoming part of Europe. But that has changed during the past few years primarily due to the ‘special military operation’ in Ukraine and due to the sudden geopolitical shift, the urge to move away from Global North to Global South. Without mincing words here, that is the undeniable reality.
President of the Russian Federation Vladimir Putin posted a greeting on his official website to the participants, organizers and guests underscoring the fact that the time has arrived to make the necessary departure away from the United States and Europe, and that “Russia is open to constructive dialogue and interaction with friendly partners” and strictly based on the principles of true equality, the consideration of each other’s legitimate interests, and respect for the cultural and civilizational diversity of states and peoples.
Putin has previously used his address to share his assessment of the global economy and highlight issues on the domestic business agenda. He pointed to the fact that it is not only essential to maintain a stable trajectory of qualitative growth but also to capitalize on emerging opportunities, effectively develop competitive advantages, and boost potential in the fields of science and technology. Given this, it is crucial to preserve and strengthen business and investment ties between countries within the context of multipolar conditions.
The fact remains that Putin’s position overwhelmingly reflects the shift away from the post-Soviet dream of becoming part of prestigious Europe. As evolving developments show, the only alternative left for Russia is to become an indivisible part of Asia, an integral constituent of the Global South. Russia has invited Asian and African countries under the tagline: ‘The Foundation of New Areas of Growth as the Cornerstone of a Multipolar World’ at the 27th gathering June 6 to 8 in St. Petersburg, the second largest city in the Russian Federation.
By Russia’s BRICS chairmanship, much of the business programme is devoted to issues related to long-term cooperation in spheres such as the financial and banking sectors, investment and trade, development of high technologies and pharmaceutical industry between BRICS members. China and India, the United Arab Emirates and Iran are prominent on the agenda. Ethiopia, Egypt and South Africa have their positions and expectations from SPIEF.
Currently, due to global rivalries combined with political and economic tensions, Russia faces new ambitious tasks, including perceptions over the development of a ‘public-private partnership’ as the macroeconomic situation remains the practical key mechanism of interaction between the state and business. Here, Russia is relatively lost in the standard practice of private businesses, after its century-long under socialism and communism. In an assessment, corporate businesses are still centrally controlled under the ministries and in the Kremlin. The learning process of analytical and the importance of ‘public-private partnership’ for now is just a daily business slogan and a theory being frequently chuckled in the Russian Federation.
The biggest obstacle is related to the analysis of legal rules and regulations, and now Russia’s relations with the Global South, its characteristic efforts in creating the necessary conditions for advancing and attracting investments and promoting trade between Russia and potential countries in Asia-Pacific and Africa. Beyond business networking and participating in practical seminars and masterclasses, ultimately results in signing agreements. On the other hand, according to expert analysts, multiple agreements highlight distinctive achievements by the St. Petersburg International Economic Forum.
“Stability and justice in a multipolar world are only possible if new centres of influence emerge, capable of offering their view on world problems and participating in the formation of a new world order. The development of new points of growth requires the active participation of different countries and regions that are ready to take responsibility for their future. The St. Petersburg International Economic Forum creates opportunities for discussions at the highest level, scaling ideas, solutions and initiatives to all spheres of social life and activities of the countries participating in its work,” said Anton Kobyakov, Adviser to the President of the Russian Federation, Executive Secretary of the SPIEF Organizing Committee.
According to Anton Kobyakov, about “6,000 people from more than 110 countries and territories have already confirmed their intention to participate in the forum. The international cooperation that occurs at SPIEF plays a key role in the development of mutually beneficial relations between countries and organizations. Participants share their experiences and make new connections. This builds trust between nations, expands markets, attracts investment, and creates a more favourable international economic environment. SPIEF is a platform for structured, focused dialogue between global business participants and government officials who contribute to the development of effective international cooperation.”
The programme consists of four (4) thematic tracks: “The Transition to a Multipolar World Economy”, “Goals and Objectives of Russia’s New Economic Cycle”, “Technologies for Leadership”, “A Healthy Society, Traditional Values and Social Development: The Priority of the State”. Roscongress Foundation, the organizer, has listed an international track which includes more than 10 business dialogues: EAEU–ASEAN, Russia–Africa, Russia–Latin America, Russia–China, Russia– South Africa, and other bilateral meetings.
More than 6,000 representatives of Russian and foreign businesses from over 3,000 companies located in 75 countries and territories took part in SPIEF 2023. More than 900 agreements worth a total of RUB 3,860 billion were signed (including 43 agreements with representatives of foreign companies, among them two with Italy and Spain.
In contrast, the SPIEF 2021 saw an unprecedented 890 agreements signed, eclipsing 2019’s 745 agreements worth a total of RUB 3.271 trillion. In addition, more than 150 international agreements were signed. That year, the total value of signed agreements not classed as confidential exceeded RUB 4.2666 trillion. Before Covid-19 was declared a pandemic in December, the SPIEF 2019 recorded 745 agreements signed totalling 3.271 trillion roubles.
The main theme of this year’s forum is “The Formation of New Areas of Growth as the Cornerstone of a Multipolar World” and the SPIEF 2024, as always, the business programme includes panel discussions, round tables, public talks, and speeches. President Vladimir Putin delivers the keynote address full of all directions, including establishing trends and external economic relations. The St. Petersburg International Economic Forum will be held on 5–8 June at the ExpoForum Convention and Exhibition Centre.
By Aduragbemi Omiyale
Accessing the US Dollar in the East Africa region has now been made easier with the expansion of the stablecoin settlement infrastructure of SCRYPT.
This development enables banks, payment providers and corporate treasury teams to move value into and out of the continent in real time.
Businesses paying international suppliers frequently have to convert local currency into USD before purchasing stablecoins for settlement, incurring FX conversions and spreads before any payment is made.
But SCRYPT is eliminating this intermediate conversion by enabling direct settlement corridors for local African currencies into stablecoins.
This development allows businesses to move from local currency to stablecoin settlement in a single licensed transaction, without first sourcing rationed bank dollars, as stablecoins are increasingly becoming settlement infrastructure rather than an investment product.
The expansion adds settlement support across four African currencies: the Kenyan shilling (KES), Tanzanian shilling (TZS), Rwandan franc (RWF) and Ugandan shilling (UGX). Each corridor is delivered through the same full-stack infrastructure our clients already use for trading, custody and treasury operations.
Speaking on this, the chief executive of SCRYPT, Norman Wooding, said, “Across Africa, stablecoin adoption is driven by economic need, not speculation.
“Businesses here are not chasing yield; they are trying to pay suppliers and manage treasury without losing margin to a banking system that rations dollars. Licensed, fair-rate dollar access is the clearest proof of what this infrastructure is for.”
Also commenting, the Managing Director of Markets & Trading at SCRYPT, Mr Gabriel Titopoulos, said, “Until now, reaching stablecoins from local African currencies meant buying scarce dollars and incurring several layers of conversion costs.
“SCRYPT removes this friction. Firms and payment providers can now settle straight from local currencies through live corridors, with local partners.”
World
African Graduates Association Promoting Multifaceted Initiatives With Russian Educational Institutions
By Kestér Kenn Klomegâh
In preparations for the third Russia-Africa Summit, scheduled for late October 2026, Dr Francois Ngan, deputy chairman of the Union of Associations of African Graduates of Soviet and Russian Universities, during an official working visit, has held a consultative meeting with Professor Vladimir Filippov, the President of the Russian University of Peoples’ Friendship (RUDN), and former Minister of Higher Education of Russia, Chairman of the National Commission for Accreditation of Higher Education.
RUDN is an educational institution established in 1960, primarily to provide higher education to Third World students. It has now become a popular multidisciplinary spot for many students, especially from developing countries. The university offers various academic programmes and has research infrastructure that comprises laboratories and interdisciplinary centres. The university is named after the former Congolese leader, Patrice Lumumba.
Dr Francois Ngan and Professor Filippov discussed the importance of the Graduates Association as a continental platform dedicated to strengthening unity, cooperation, and promoting shared progress among African graduates who studied in the former Soviet Union and in the Russian Federation. They also reviewed multifaceted initiatives that could bring together alumni associations from across Africa, whose members obtained education and professional training, and cultural experiences in Soviet and Russian institutions of higher learning.
Professor Filippov expressed optimism in addressing emerging challenges as a result of shifting geopolitical changes, emphasised strategic cooperation in the educational sphere with Africa, in general, and with the Republic of Cameroon, in particular, and further about the integration of African students during their studies in the Russian Federation.
The meeting also touched on academic and scientific work, the possibility of rewriting a scientific thesis, and the official organisation of transferring versions translated into six languages for the library of RUDN. Significant questions relating to Russia’s educational opportunities, collaborations and partnerships involving African countries were thoroughly discussed.
The Union of Associations of African Graduates of Soviet and Russian Universities was created under one continental umbrella to promote friendship, for professional networking, to engage in cultural exchange, and with particular emphasis on forging strategic cooperation between Africa and Russia.
World
Russia to Support Industrial Growth, Technological Advancement and Supply Chain Resilience across Africa
By Kestér Kenn Klomegâh
With the heightening of geopolitical rivalry and competition, a new Russia-Africa working group has emerged as a significant institutional mechanism and plans to focus on facilitating and monitoring strategic investments, industrialisation, and infrastructural development—the Strategic Action Plan 2023-2026—that was outlined during the second Russia-Africa summit, in St.Petersburg, the second largest city in the Russian Federation.
While substantial progress has, largely, lagged on the multidimensional economic front with Africa primarily due to its internal difficulties and the complexity of relations with its former Soviet neighbours, Russian officials believe there still remains huge untapped potential in strengthening bilateral cooperation. As planned, President Vladimir Putin has already signed an executive order that directs Moscow to host the forthcoming third Russia-Africa summit in October 2026.
On June 30, a regular meeting of the Business Council on Africa was held under the chairmanship of the head of the Russian Foreign Ministry. It was dedicated to issues of trade, economic and investment cooperation with Africa. The group discussed the current state and prospects for the implementation of policy initiatives with an emphasis on assisting the countries of the continent, strengthening their economic, energy, technological and food sovereignty, as well as training specialists for Africa.
Foreign Minister Sergey Lavrov has reiterated that Russia-Africa relations primarily depend on an understanding of the importance of collective action based on the principles of equality, mutual respect and resolving common tasks. In the past few years, Russia-Africa cooperation has been noticeably strengthening. “We are deepening political dialogues, developing bilateral contacts with African countries, promoting cordial cooperation between ministries and departments, and expanding humanitarian exchanges. We are also continuing the structural diversification of trade partnerships and economic dimensions.”
“Next on the agenda is the launch of diplomatic missions in The Gambia, Liberia, Togo, and the Union of the Comoros,” Lavrov said at a meeting of the Business Council under the Russian foreign minister. Lavrov noted that Russian embassies began operating in three other African countries in 2025: Niger, Sierra Leone, and South Sudan. A new Department for Partnership with Africa was also established. According to the top diplomat, “expanding Russia’s diplomatic presence on the continent contributes to developing relations.”
There are already 45 Russian embassies operating in Africa. The Russian foreign minister noted that Moscow is quickly rebuilding its presence in African countries, which sharply declined during the collapse of the Soviet Union. “There will be literally four or five countries left where we still need to establish full-fledged embassies, and then, we will have 100 per cent coverage of the entire African continent with our diplomatic presence,” Lavrov emphasised.
After the first summit in October 2019, the Foreign Ministry also created the Secretariat of the Russia-Africa Partnership Forum. Its main tasks include controlling the roadmap to Africa’s multidimensional cooperation and guiding potential Russian investors to the continent. This also underscored the priority and post-Soviet solidarity Russia currently attaches to its policy towards Africa, within the growing framework of the emerging new architecture of multipolarity in the Global South.
In an interview in June 2026, the director of the Department of Partnership with Africa at the Foreign Ministry, Tatyana Dovgalenko, shared a few insights in the lead-up to the third summit. Furthermore, Dovgalenko explained that Russia would move away from security to concentrate more on economic issues, especially to team up with African colleagues to streamline mechanisms for implementing projects that will ensure food security and agriculture, and help Africa in installing processing facilities to support its self-sufficiency. She also emphasised energy and vital infrastructures, and the third direction was to simultaneously work more coherently with sub-regional organisations.
Over the past few years, bilateral relations have been increasing. There are positive dynamics in trade turnover, estimated at $30 billion. Steps are being taken to build payment systems, preferably in national currencies, while Russia looks to open four more diplomatic offices, bringing the total to 48 across Africa. Russia is currently training 37,000 African students, but only approximately 1/3 on state scholarships in Russia’s educational institutions. “We are ready to share valuable experiences of building a sovereign development model with African partners to achieve self-reliant economic growth based on their own resources and capabilities. Russia aims at creating processing capabilities and localising production, and provides access to advanced technological solutions,” underlined Dovgalenko in her interview with New Eastern Outlook.
For African countries that have endured difficult decades on the path to political independence, it is now important to take full control over the untapped resources, direct income and revenue toward stimulating the national economic sector, rather than paying for the well-being of the Western “golden billion” during this changing geopolitical era, according to Dovgalenko.
According to reports, the forthcoming Russia-Africa summit will have an economic agenda, including the digital economy, technology, artificial intelligence, healthcare, investment, and settlements in global trade. Of course, the agenda will also cover Africa’s political aspects. But if African friends bring along any specific ideas, Russia will give them serious attention. In addition, with continuity and consistency, pay increased attention to expanding ties with Africa’s regional integration associations.
Going forward, the focus will be on translating strong trade relations into deeper investment partnerships, fostering technology collaboration, strengthening industrial linkages and contributing towards the shared objectives set by the leadership of both African countries and Russia. At the third summit, the above-mentioned specific initiatives will be further designed. In this regard, the key document, the new action plan for the next three-year period (2027-2029), is intended to reflect dynamic realities in the future relations of Russia and Africa
